Usually TED talks are known for insightful explorations of topics ranging from science to the arts; psychology to social science. They are beautifully done presentations by some of the most eloquent teachers you can imagine.
So imagine the disappointment of TED fans far and wide when it came out the organization had banned a 7-minute talk by venture capitalist Nick Hanauer pointing out the obvious economic reality that the rich don’t create jobs, a secure working middle class produces jobs by purchasing goods and services. Through the purchasing power of a healthy middle class there is an economic “feedback loop” between businesses and consumers that benefits all citizens.
Despite his great wealth, Hanuer notes he owns “three cars, not 3,000”. Despite their great – and rapidly growing – stranglehold on concentrated wealth and the economy, the wealthy simply can’t purchase enough to create and fuel and economy. And if people don’t have money in their back pocket they can’t buy the products of companies venture capitalists want to fund.
Simple, obvious logic. That’s why congress and the White House don’t get it.
TED banned the video but a copy has gotten loose. Just like Newt Gingrich’s video shiv “When Mitt Romney Came to Town” burst the hot air balloon about Romney’s supposed economic brilliance and got vacuumed off the web the moment the Newtster endorsed the blandest presidential candidate since Calvin Coolidge, the same will probably happen with this video.
So watch it now and post it to your Facebook page and forward it to folks in your address book.
7-minute Banned Video of Truth: http://www.youtube.com/watch?feature=player_embedded&v=bBx2Y5HhplITweet